dc.contributor.advisor | Tanyeri, Ayşe Başak | |
dc.contributor.author | Hekimoğlu, Mert Hakan | |
dc.date.accessioned | 2016-01-08T18:18:24Z | |
dc.date.available | 2016-01-08T18:18:24Z | |
dc.date.issued | 2010 | |
dc.identifier.uri | http://hdl.handle.net/11693/15431 | |
dc.description | Ankara : The Department of Management, Bilkent University, 2010. | en_US |
dc.description | Thesis (Master's) -- Bilkent University, 2010. | en_US |
dc.description | Includes bibliographical refences. | en_US |
dc.description.abstract | This study investigates stock-market reactions to mergers of non-financial
Turkish firms. I conduct an event study to detect abnormal stock returns of Turkish
target firms around merger announcements. In an efficient market, movements in
stock prices (returns) reflect investors’ assessments of new information about the firm
and its operating environs. Assuming market efficiency, event studies model
“normal” returns. Abnormal returns are the difference between realized returns and
normal returns. The sample consists of 125 mergers from July 1991 to July 2009.
This study reveals that Turkish targets earn on average a cumulative abnormal return
of 8.56% in the three-day window around merger announcements when control rights
in target firms change hands. This study contributes to the merger literature by
providing evidence that markets react positively to merger announcements of Turkish
target firms. However, reaction of Turkish markets generates smaller returns than the
reaction of US and European markets. Stock market’s reaction to merger
announcements may differ from country to country as well as announcement date
specification is problematic for Turkish firms which may be the reason for smaller
returns in Turkish markets. | en_US |
dc.description.statementofresponsibility | Hekimoğlu, Mert Hakan | en_US |
dc.format.extent | x, 63 leaves | en_US |
dc.language.iso | English | en_US |
dc.rights | info:eu-repo/semantics/openAccess | en_US |
dc.subject | Turkey | en_US |
dc.subject | Mergers | en_US |
dc.subject | Acquisitions | en_US |
dc.subject | Event Study | en_US |
dc.subject.lcc | HD2746.55.T9 H45 2010 | en_US |
dc.subject.lcsh | Consolidation and merger of corporations--Turkey. | en_US |
dc.subject.lcsh | Corporate reorganizations--Turkey. | en_US |
dc.subject.lcsh | Stock exchanges--Turkey. | en_US |
dc.title | Stock-market reactions to mergers of non-financial Turkish firms | en_US |
dc.type | Thesis | en_US |
dc.department | Department of Management | en_US |
dc.publisher | Bilkent University | en_US |
dc.description.degree | M.B.A | en_US |